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Strong and Stable to Weak and Wobbly!

By David Scott | Monday 9 October 2017


 


It’s the start of the fourth quarter and October, always the most volatile month of the year, has started with shock and surprise. Just a few years ago it would have been inconceivable Spain’s vibrant democracy might stumble towards the verge of dismemberment as it is now. With the S&P 500 recently breaking above 2500, there seems to be nothing to dampen the bullish exuberance. The recent run, which has largely been focused on areas in the market with the most sensitivity to tax cuts, has exploded over the last two weeks to record highs. That explosion has also lead to a surge in the Market Greed/Fear Gauge which comprises different measures of market complacency and bullishness and whilst the “Dumb Money” is continuing to pile into markets the “Smart Money” is willing to sell positions to them.


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